MarketsandMarkets

Smart Governments Market Worth 28.24 Billion USD by 2022

The smart governments market is expected to grow from USD 11.73 Billion in 2017 to USD 28.24 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 19.2%. The base year considered for the study is 2016 and the forecast period is 2017-2022.

Seattle, WA -- (SBWIRE) -- 08/11/2017 -- The major driver of the smart governments market is the emerging digital lifecycle of consumers, boosting the demand for smart technologies and facilitating the adoption of technologies. This is also driving investments in the smart governments market.

Remote monitoring solutions are expected to grow at the fastest rate in the smart governments market during the forecast period.

Remote monitoring solutions assist the government bodies to track and monitor the health of deployed assets. The various benefits offered by remote monitoring solutions include improved capacity and utilization, operational visibility and analysis, proactive solutions for asset failure situations, safety assurance, and reduced asset downtime for maximized productivity. Since assets form an integral part of any government body, remote monitoring solutions are witnessing a high-growth rate owing to their increased deployments across all government levels.

Professional services segment is expected to have the largest market share during the forecast period.

The professional services segment is expected to have the largest market share during the forecast period owing to the increased deployment of smart solutions which requires technological consulting, and continuous support and maintenance activities. Moreover, government bodies normally prefer professional services vendors over managed services vendors to keep a tight control over the business operations, such as deployment and support and maintenance.

North America is expected to hold the largest market share in the smart governments market during the forecast period.

As per the geographic analysis, North America is expected to witness a significant growth in the smart governments market owing to the presence of major smart governments solution and services vendors in this region. Some of the vendors in the region are Amazon Web Services, IBM Corporation, and Oracle Corporation. These vendors offer better services for growing urbanized populations and help to manage complex issues, such as international conflicts and macroeconomic uncertainty. Moreover, the US Information Technology Management Reform Act of 1996 has made it mandatory for all 116 US federal departments as well as agencies to develop and use enterprise architecture for IT investment planning and decision making. This has resulted in cost savings worth USD 12.3 million and cost avoidance worth USD 9.5 million.

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